Some of what these debt-counseling companies do is to talk to your creditors and negotiate a payment plan. A lot of times this involves a lower interest rate, which can help you a great deal. If the interest is accruiing at 8% rather than 19% your chances of paying it back are much better.I would suggest examining that route before bankruptcy. If you do bankruptcy, your credit will be shot to pieces for a lonnnng time, making car buying, house buying etc. very difficult in the future. If you can work out a payment plan that's better for all concerned- your credit rating is still alive, and the credit card company is still getting something, which is much preferable(in their eyes) than getting nothing. Look at tha websites for some of these credit counseling agencies, see what they do, what fees they charge, etc.